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All Forum Posts by: Micaiah Marquette

Micaiah Marquette has started 1 posts and replied 2 times.

Creative Real Estate Financing

Post: Seller Second Mortgage on an 80% LTV First Mortgage

Micaiah MarquettePosted
  • Posts 2
  • Votes 0
Quote from @Jason Wray:

No, banks do not allow a seller held second now a days due to risk and new guide line changes. You might find a HML hard money lender that may offer this but your going to pay a ridiculous rate and points/fee's.

Best advice either save some money or use a DPA. (Down Payment Assitance Program).


OK, ChatGPT! That's exactly what I was looking for! 🤣🤣🤣

0 Votes
Creative Real Estate Financing

Post: Seller Second Mortgage on an 80% LTV First Mortgage

Micaiah MarquettePosted
  • Posts 2
  • Votes 0

Hey guys! 

I'm new here and I have spent a couple of years studying real estate investing strategies. My idea to buy a home is to get an 80% LTV 1st mortgage from a bank, take over that mortgage and give the seller a second mortgage for 50% of the 1st mortgage balance because I need some cash to cover the payments, which the amount of cash would be more than the remaining equity in the home. This strategy is a combo of subject-to/seller carryback. Is this a common method or not? Let me know your thoughts on this!

0 Votes